UPDATE: Piper Sandler Upgrades Pacific Biosciences of California (PACB) to Overweight
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Piper Sandler analyst William Quirk upgraded Pacific Biosciences of California (NASDAQ: PACB) from Neutral to Overweight with a price target of $52.00.
The analyst comments "We are upgrading shares of PACB to Overweight from Neutral following the transformational $900M SoftBank cash-infusion and improved outlook on the timing of clinical catalysts. Recall, PacBio announced a 5-year collaboration with InVitae to develop an ultra high-throughput sequencing platform to deliver a sub-$1,000 medically-relevant whole genome. Management suggested this instrument is ~2-3 years away vs our prior expectations of ~5 years. PacBio is also independently working on developing new instruments, and plans on leveraging innovations from the InVitae collaboration to develop a suite of sequencers with varying throughputs and cost for broader research and clinical use. All in, we are upgrading to Overweight with a $52 target based on ~50x 2023E EV/Rev discounted back to 2022 at 15% (previously Neutral at $20 based on ~19x 2022E EV/ Rev) to reflect our increased confidence in the LT-outlook of the business."
Shares of Pacific Biosciences of California closed at $47.60 yesterday.
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